Pakgen Power Ltd's earnings shoot up by 70% during 1HCY20
MG News | August 18, 2020 at 03:40 PM GMT+05:00
August 18, 2020 (MLN): Pakgen Power Limited company has announced the results for the half-year ended June 30, 2020, wherein the company has earned profits of Rs. 2.25 billion (EPS: 6.06), i.e. around 70% higher than the bottom-line income of the same period last year.
Even though the revenue of the company fell by 26%, the decline in the cost of sales by 58% helped in lifting the gross profits by almost 51%.
However, the company suffered some setbacks in the form of an increase in Administrative expense and non-core expense by 51% and 21% respectively, which was coupled with a decline in other income by 50%.
There was a minimal change of 4% in finance costs, whereas no income tax was paid during the period.
| Financial Results for the half-year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 4,993,768 | 6,734,197 | -25.8% |
| Cost of sales | (1,976,245) | (4,733,475) | -58.2% |
| Gross Profit | 3,017,523 | 2,000,722 | 50.8% |
| Administrative expenses | (114,741) | (94,907) | 20.9% |
| Other expenses | (1,295) | (1,388) | -6.7% |
| Other income | 38,297 | 77,439 | -50.5% |
| Finance cost | (683,311) | (657,958) | 3.9% |
| Profit before taxation | 2,256,473 | 1,323,908 | 70.4% |
| Taxation | - | - | |
| Profit after taxation | 2,256,473 | 1,323,908 | 70.4% |
| Earnings per share | 6.06 | 3.56 | 70.2% |
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